Life Insurance Corporation of India (LIC) decreased its equity stake shareholding in Voltas from 22,685,279 shares to 15,731,283 shares or from 6.856 per cent paid up capital of the company to 4.754 per cent — a drop of 2.102 per cent, it informed the exchanges on August 13
The stake cut between June 12, 2024 to August 12, 2024, it added. The transaction was carried out as an open market purchase at an average cost of ₹1,502.931 per share in Voltas.
About Voltas
The market capitalisation of home appliance company Voltas is ₹52,283.10 crore.
Valtas is engaged in the business of air conditioning, refrigeration, and electro-mechanical projects as an EPC contractor both in domestic and international geographies. It is also engaged in engineering product services for mining, water management and treatment, construction equipments and textile industy.
Shares of Voltas were trading at ₹1,572.10 on BSE at 2.30 pm on August 13, down 10.45 per cent from morning open.
Voltas Q1 profit up over two-fold
Voltas on August 12 reported an over two-fold jump in consolidated net profit at ₹335 crore for the first quarter ended June 30, 2024, led by a “significant volume growth” from its room AC business, PTI reported.
Besides, the Tata Group firm also achieved the “milestone” of one million units of AC sales in Q1 FY25″ and its total income crossed ₹5,000-crore mark in the June quarter. It had posted a consolidated net profit of ₹129.42 crore in the April-June period a year ago, The company said in a regulatory filing.
Voltas’ revenue from operations was up 46.46 per cent in the June quarter. It was at ₹3,359.86 crore in the corresponding quarter a year ago.
Total expenses of Voltas increased 41.44 per cent to ₹4,520.40 crore in the June quarter of FY25.
Voltas’ total income in the June quarter was up 45.81 per cent to ₹5,001.27 crore.
